eToro, the famous social trading and multi-asset brokerage firm with a focus on copy trading services, announced on Wednesday that it would be launching an API (Application Program Interface) for institutional traders through its cryptocurrency department, eToroX.
The instrument has been named AlgoX Prime, and its design allows it to fulfill institutional traders’ needs thanks to eToro’s liquidity pool and tight spreads. The scenario is favorable for traders of digital assets in the cryptocurrency industry.
Doron Rosenblum, currently eToroX managing director, offered his comments about the recently launched API. He said that AlgoX Prime provides traders with a cutting-edge tool with advanced trading features that can satisfy the needs of both institutional and corporate investors.
Increasing Market Liquidity
The team at eToroX, represented by Rosenblum, firmly believes that the launch of the resource will contribute to the trading of cryptocurrencies and other digital assets performed by financial algorithmic trading firms, thus augmenting market liquidity in the process.
AlgoX Prime represents a versatile resource for Algo trading, something that traders will learn to use and appreciate in no time. According to the announcement by eToroX, the cutting-edge tool will let users directly access eToroX’s databases with the intention of offering a low-latency and quality colocation service to traders in the institutional universe.
eToroX also offers enticing fees for the tool, along with a costless enterprise-grade market data resource. The CEO of eToro (eToroX’s parent company) Yoni Assia detailed that AlgoX Prime aims to bridge the gap that currently exists between the more traditional ways the market has come to know with the up-and-coming blockchain technology.
Assia added that if institutional traders can get to enjoy trading through APIs, there will be a stronger connection with cryptocurrencies, which will result in more actors using eToro and enjoying a platform with a high trading volume.
Targeting South Asia
The eToroX subsidiary was formed in 2018, and it has been up and running after getting the proper licensing papers from Gibraltar in April 2019. The API-based tool will be targeting potential clients in Southeast Asian markets.
Per words from Jasper Lee, eToro Asia’s managing director, the fact that the platform is launching its API-based product and trading program in the Southeastern region of Asia is extremely significant, and a testament that the area is full of potential when it comes to the crypto industry.
Lee opined that the market in the mentioned geographical area is very dynamic and that people’s engagement and involvement in the crypto space is extremely high. He thinks that the launch of the company’s API resource will be a significant contributor to the mass adoption of crypto assets worldwide.
eToro is a multi-asset platform that offers both investing in stocks and crypto assets, as well as trading CFDs.
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Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and therefore is not supervised by any EU regulatory framework.